June 12, 2006

Targe Energy LLC (Targe) and Carlyle/Riverstone Global Energy and Power Fund III, L.P. (C/R) announced today that C/R will invest $100 million in Targe to fuel the company's growth strategy. Targe is an energy company based in Pittsburgh, PA that operates surface coal mines, reclaims coarse waste coal and coal fines, performs contract drilling services and acquires its own natural gas reserves. In addition to C/R's commitment, Targe also received $17.5 million of capital investment from various minority investors and management. The $117.5 million in new capital has enabled Targe to advance its Appalachia-focused coiled-tube drilling business, acquire additional coal reserves and roll in three existing surface and waste coal businesses that were being operated by Targe management.

Bill Spence, Chief Executive Officer of Targe, said, "Riverstone brings both capital and energy industry expertise that are an ideal match for us now. We are excited to partner with people who share our view on the potential to significantly grow Targe through the acquisition and exploitation of coal and natural gas reserves."